Question of the Day: What is the deadline for filing your 2020 tax return?
Answer: April 15, 2021
Questions:
- Just like schoolwork, why is it important to know the deadline to file your tax return?
- Can you file your tax return early? Why might be a reason to file BEFORE the deadline?
- Why do you think the IRS gives people a few months in order to file their tax return?
Behind the numbers (from Motley Fool):
"Chances are, the world will still be fairly unsettled by the time taxes are due in 2021. Your best bet, therefore, is to get the ball rolling on your return as early as possible. Usually, you'll get the tax forms you need, like your W-2 and 1099s, by the end of January.
Remember, too, that you're allowed to submit a tax return ahead of the filing deadline, and the sooner you do, the quicker you'll get a refund if you're owed money. The IRS generally starts accepting tax returns in late January, so if you wind up ahead of the game, you could be in line for a lump sum of money a lot sooner than most filers."
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About the Author
Mason Butts
After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.
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